Chrysler 2010 Annual Report Download - page 80

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Trading profit for financial services totaled €188 million in 2010, a €20 million improvement over 2009.
(€ million) 2010 2009 Change
Fiat Group Automobiles 56 35 21
Ferrari 9 6 3
Total Continuing Operations 65 41 24
Agricultural and Construction Equipment (CNH – Case New Holland) 155 153 2
Trucks and Commercial Vehicles (Iveco) (32) (26) -6
Total Discontinued Operations 123
127 -4
Total Fiat Group 188 168 20
Trading profit for the Financial Services businesses of Fiat post Demerger totaled €65 million compared with €41 million for the prior year. The increase was
almost entirely attributable to Fiat Group Automobiles, which recorded a €21 million improvement to €56 million (+€14 million on a comparable scope of
operations and at constant exchange rates) due primarily to an increase in volumes financed and higher margins for all companies.
For Fiat Industrial, the Financial Services businesses reported a trading profit of €123 million, substantially in line with 2009 (down €4 million). By sector:
CNH-Case New Holland had a trading profit of €155 million which was in line with the 2009 level of €153 million. An increase in provisions for 2010 was more
than offset by higher margins and containment of general and administrative costs, which were maintained at 2009 levels despite the growth in business
volumes.
Iveco’s Financial Services businesses reported a trading loss of €32 million, compared with a €26 million loss for 2009. The deterioration was due to a general
contraction in the size of the managed portfolio together with higher provisioning. Both of these factors applied to markets in Eastern Europe and the medium
to long-term leasing business in Spain.